Receive the latest business updates in your inbox

Stocks fell on Tuesday, giving up earlier gains, as investors worried about rising interest rates and reacted to comments on a conference call from bellwether Caterpillar that hinted economic growth may slow later in the year, CNBC reported.

The Dow Jones industrial average closed 423 points lower after rising as much as 131 points shortly after the open of trading. The S&P 500 fell 1.3 percent. The Nasdaq composite declined 1.7 percent as shares of Facebook, Amazon, Alphabet and Netflix all dropped more than 3.5 percent.

"Investors have high expectations for earnings," said Kate Warne, investment strategist at Edward Jones. "At the same time, a lot of people are asking: Does it get better from here?"